Granite State Times

Despite a harsh business environment over the course of the last year or so, small businesses in New Hampshire have fared comparatively well when compared with the rest of the country. 

According to a recent survey by the U.S. Census Bureau, New Hampshire small businesses weathered the storm better than those in most other states. Just 14.9% of New Hampshire small businesses reported experiencing a “large negative effect” due to the COVID-19 crisis. Nationally, 25.2% of small businesses reported a “large negative effect.”

The Census Bureau conducted its Small Business Pulse Survey the week of June 28 to July 4, measuring the changing business conditions by collecting information on small business operations and finances, requests and receipt of assistance, vaccines, capital expenditures and expectations for recovery.

In an encouraging sign, 26.3% of New Hampshire small businesses said they experienced little to no effect on their overall business, which is higher than the national average of 23.8%.

This data supports a recent WalletHub study conducted by researchers from top U.S. universities, showing that New Hampshire small businesses fared better than small businesses in 44 other states. Another recent WalletHub study found that New Hampshire's unemployment rebound was stronger than over three-quarters of U.S. states.

All this taken into account, however, New Hampshire still has challenges to work through, resulting from the economic strain caused by the pandemic.

Though some states are in tougher situations than others, it appears that the nation as a whole is recovering well economically from the pandemic. According to WalletHub, "Now, the U.S. unemployment rate sits at 5.9%, which is still high but is much lower than the nearly historic high of 14.8% in April 2020. This overall drop can be attributed largely to a combination of vaccinations and states loosening restrictions."